IPMAN Backtracks On Fuel Pump Price, Calls For End To Panic Buying

• IPMAN said Nigerians should stop panic buying, saying that its members would sell PMS at government approved price of ₦165 per litre

• Explaining why the IPMAN Secretary in Lagos arrived at ₦180 per litre on Monday, the President said members could no longer operate at a loss

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EKO HOT BLOG reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has backtracked on the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum.

The Association said Nigerians should stop panic buying, saying that its members would sell PMS at government approved price of ₦165 per litre.

President of the Association, Chinedu Okoronkwo spoke at a press conference on Wednesday at the backdrop of earlier indications by petroleum dealers that the pump price of ₦165 per litre was no longer sustainable.

He urged members of IPMAN to maintain the “status quo” of ₦165 per litre, particularly in Lagos where the Association Secretary, Mr Akeem Balogun on Monday declared a PMS pump price of ₦180 per litre.

According to him, the Nigeria National Petroleum Company Limited (NNPC) and the Petroleum Products Marketers Company (PPMC) have released petroleum products from their tank farms that could sustain the nation for the next 32 days, hence, there was no need for panic buying.

He said: “The Status quo ante must be maintained moving forward since the NNPC and the PPMC have responded positively by releasing products from their tank farms that can sustain the product needs of the country for 32 days.”

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Explaining why the IPMAN Secretary in Lagos arrived at ₦180 per litre on Monday, the President said: “The decision was taken because its members could no longer operate at a loss.

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